Copy link
Increase text size
Decrease text size
Link copied

Binance's NYDFS-approved stablecoin BUSD is now live on Paxos, to be listed on Binance next week

Fri, 13 Sep 2019, 03:48 am UTC

Binance announced that it will launch its New York State Department of Financial Services (NYDFS)-approved stablecoin Binance USD (BUSD). The dollar-pegged stablecoin is now live on Paxos’ platform for U.S. dollar redemption and will be listed on Binance’s exchange on Sept. 16.

Launching a stablecoin approved by the New York State Department of Financial Services (NYDFS) is a strategic step for Binance to provide on-chain financial services for users across the world,” Wei Zhou, Binance CFO, said.

As per a press release, BUSD, which was revealed last week as part of Binance’s partnership with Paxos Trust Company, will be traded against Bitcoin (BTC), Binance Coin (BNB), and Ripple’s XRP starting next week. Paxos will serve both as BUSD issuer and USD custodian.

We’re excited BUSD is now live on Paxos. This is a meaning product that can bring stability and transparency to cryptocurrency markets globally. Paxos’ stablecoin as a service offering allows innovators like Binance to take a trusted, regulated approach to building stablecoins for their users,” Paxos co-founder Richard Teo said.

Earlier this month, a Binance representative told The Block that while the stablecoin will be built on the ethereum blockchain, it may be migrated to the Binance Chain in the future.

However, this is not Binance’s first released stablecoin. In July, the exchange added support for a GBP-backed stablecoin called BGBP.

The exchange also recently announced that Binance Futures will go live on Sept. 13, after it initially unveiled two futures testnet platforms and allowed users to pick their favorite of the two.

On the other hand, aside from the BUSD, Paxos also launched earlier this month PAX Gold (PAXG), a gold-backed ethereum token, which the company claims to be the “first crypto-asset redeemable for physical gold.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $17,111.40 (-4.73%)
  • Ethereum (ETH) $521.54 (-2.03%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $270.89 (-6.17%)
  • Chainlink (LINK) $12.63 (+1.76%)
  • Bitcoin (BTC) $17,111.40 (-4.73%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft